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Well Intervention Market Key industry players across the well intervention market includes Halliburton, Weatherford, Archer, Calfrac, Cudd Energy, National OilWell Varaco, Hunting Energy, Weltec, Technipfmc, GE, DeepWell, Tenaris, Schlumberger, Exxon and

11-17-2018 05:06 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Well Intervention Market

Well Intervention Market

As increasing well stock reaches maturity, well intervention market is expected to traverse along an exponential trajectory due to the rising demand for stimulating well production. At present the oil and gas industry is one of the most influential branches in the world economy with more than 4 billion metric tons of oil being produced globally each year. The United States along with Saudi Arabia are among the world’s leading oil producers followed by Russia. In spite of the general trend for the support of renewable energy resources and sustainable options that have been reflected in legislations across the globe in response to the Paris Agreement to rein in climate change, projections in the petroleum industry has showed other indications.

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According to projections presented by International Energy Agency, global oil demand is slated to increase almost by a million BPD each year despite such trends as electric vehicles and renewables. This may be attributed to the rising overall population and the subsequent demand for petroleum. Maximizing the production of each well is therefore becoming imperative and the well intervention industry is gaining a massive impetus from such trends.

The fact that well intervention market expansion is being considered crucial has been recently demonstrated in an incidence when energy giant Saudi Aramco invested £535,000 in the Aberdeen-based oil field technology company, Pragma Well Technology, through a three-year contract. Pragma is involved in using 3D metal printing in the development of a technological device that can be used in traditional well intervention to further extend the life of wells. Saudi Aramco’s investment in Pragma can be viewed as a venture to sponsor new methods to solve old problems but it clearly underlines the importance of bringing in new technology to the well intervention market so the productivity of wells that are almost at the end of their lives can be further extended, thus bringing in more profit for the oil and gas industry.

Innovative solutions to well intervention have also added impetus to the well intervention industry. Recently C6 Technologies AS, a company that specializes in developing technologies related to well intervention and conveyance announced that it has used its ComTrac technology for the first time along with Archer, its parent company.

The ComTrac is a notable technology as it facilitates intervention far beyond the capabilities of usual wireline technology in terms of length and load, particularly in the case of horizontal wells. ComTrac comprises a reel of semi-stiff carbon composite rod equipped with electrical conductors and is the only technology that can operate at lengths of up to 8 km. The carbon composite rod eliminates the problematic “stick and slip” experience faced with wireline cables and enables ComTrac to deliver exceptional data quality and repeatability. Other such innovations in well intervention market will also help augment the commercialization scope of oil and gas industry ahead.

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Accelerating number of stripper and marginal wells along with increasing demand for crude oil will foster the artificial lift systems market. Reliability, limited risk exposure, and ease of drilling across the subsea intervention are some of the key features which will propel the business growth. Increasing focus toward development of unconventional wells coupled with favorable regulatory policies to enhance oil production primarily across OPEC countries will fuel the well intervention market.

Increasing exploration activities across the subsea areas including Norwegian basins will stimulate the Norway market. In addition, increasing government focus toward the development of aging oil and gas fields along with favorable regulatory schemes pertaining to offshore production will complement the industry landscape.

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Increasing investments by national oil companies coupled with ongoing shale revolution across the U.S., Middle East and China will propel the remedial cementing market share. The service is used to rectify the issues related to the primary cementing and to deal with issues which are caused during production. It further involves the use of cement plugs and squeeze cementing which prevents the mixing of other fluids with the cement.

Key players across global market includes Archer, Haliburton, Exxon, Weatherford, Schlumberger, Calfrac, Tenaris, Cudd Energy, GE, National OilWell Varaco, DeepWell, Superior Energy, Technipfmc, Trican, Weltec, Omega, Basic Energy, Expro, Hunting Energy, Helix, Oceaneering, and Altus.

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research

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